Crowd funding sites are online platforms that allow individuals and businesses to raise funds from a large number of people, often referred to as the crowd. Through these sites, borrowers can present their projects, causes, or business ideas, seeking financial support from a diverse group of investors.
Industry Data: According to Statista, the total value of outstanding loans worldwide is projected to surpass $192 trillion by 2025.
Fun Fact 1: The concept of lending dates back thousands of years, with historical evidence of lending practices found in ancient civilizations such as Mesopotamia and Ancient Greece.
Fun Fact 2: The world's oldest known bank, Banca Monte dei Paschi di Siena in Italy, was established in 1472 and is still in operation today.
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